BHEL might witness modest growth & profitability recovery, the global research house said, adding its executable order book has improved.
Nomura has upgraded state-owned power equipment maker BHEL to Neutral with a target price at Rs 86 per share as the stock price seems to have bottomed out. The stock price gained 1.5 percent intraday on Wednesday.
The company might witness modest growth & profitability recovery, the global research house said, adding its executable order book has improved.
Meanwhile, last week BHEL bagged two orders cumulatively valued at over Rs 125 crore, for setting up solar photovoltaic (SPV) power plants on engineering, procurement and construction (EPC) basis, in Gujarat.
Its profit in the year ended 2017-18 increased sharply by 63 percent to Rs 807 crore compared to previous year. "As a result of strategic initiatives taken, BHEL has registered quantum growth in its profit and order booking in fiscal 2017-18, ending the year with significant traction in growth drivers."
It has recorded a turnover of Rs 27,850 crore, as against Rs 27,740 crore in the previous year.
At 11:15 hours IST, the stock price was quoting at Rs 74.75, up Rs 0.35, or 0.47 percent on the BSE.